Earnings

Atea Narrows Loss; C-FORWARD Still Targeted for Early 2027

The Tip Desk · November 12, 2026 · 3 min read

The late-stage antiviral company posted a third-quarter 2026 net loss of $32.2 million, or $0.40 a share, as operating expenses fell to $34.0 million. Atea said its cash, cash equivalents and investments after a $65 million Hercules draw are expected to fund planned operations into mid-2028 under its current operating plan.

Atea Pharmaceuticals (AVIR), a late-stage clinical biopharmaceutical company developing oral antivirals, reported a net loss of $32.2 million, or $0.40 a share, for the three months ended September 30, 2026, compared with a $42.0 million loss, or $0.53 a share, a year earlier. Total operating expenses fell to $34.0 million from $45.6 million.

The company reiterated that topline results from C-FORWARD, the trial of bemnifosbuvir/ruzasvir (BEM/RZR) outside North America, are anticipated in early 2027, the same window its second-quarter update had already given as early first quarter 2027. The company said those results are expected to show efficacy across a broad range of HCV genotypes and to support a New Drug Application targeted for mid-2027.

C-BEYOND, the North American Phase 3 trial announced in July, had already met its primary and secondary endpoints. In the modified intent-to-treat population of 905 cirrhotic and non-cirrhotic patients, BEM/RZR achieved a 93.91% sustained virologic response rate at Week 24 versus 94.75% for sofosbuvir/velpatasvir, with statistical non-inferiority also met in secondary endpoints including the per-protocol analysis. Virologic failure rates were low and comparable between arms, and the regimen was generally safe and well tolerated.

C-FORWARD is described as fully enrolled with more than 880 patients across 17 countries. The two Phase 3 trials have collectively enrolled more than 1,760 treatment-naïve patients. BEM/RZR is given once daily for eight weeks in patients without cirrhosis and 12 weeks in those with compensated cirrhosis, versus 12 weeks of sofosbuvir/velpatasvir for all patients.

Research and development expenses decreased by $11.3 million from $38.3 million a year earlier to $27.1 million. The company said the net decrease was primarily driven by lower external spend on HCV Phase 3 development, offset by higher external spend on HEV preclinical and clinical work, and by lower internal research and development costs, primarily lower stock-based compensation. General and administrative expenses were $6.9 million, down $0.3 million from $7.2 million, primarily related to lower stock-based compensation. Interest income and other, net, decreased by $1.8 million from the year-ago quarter, primarily due to lower investment balances.

Cash, cash equivalents and marketable securities were $191.2 million at September 30, 2026, compared with $301.8 million at December 31, 2025. Working capital was $175.2 million.

On November 9, 2026, Atea entered a credit facility with Hercules Capital for up to $200 million and drew $65 million at closing on November 6. The company said that, based on its current operating plan together with current cash, cash equivalents and investments, those resources will fund planned operations into mid-2028. It may access additional funding of up to $135 million subject to specified milestones; those additional borrowings could extend the cash runway potentially to profitability assuming a successful US commercial launch of BEM/RZR and expenditures consistent with the current operating plan.

The hepatitis E program also advanced. The Phase 1 trial of AT-587, a potential first-in-class direct-acting antiviral for chronic HEV in immunocompromised patients, has completed the single ascending dose portion and is progressing through the multiple ascending dose portion. Atea is preparing for a proof-of-concept study anticipated in the first half of 2027.

Atea also completed a Phase 1 study of BEM/RZR co-administered with methadone or Suboxone, two treatments for opioid use disorder. The company said co-administration was generally well tolerated in healthy volunteers and demonstrated a lack of drug-drug interaction. Chief Executive Officer Jean-Pierre Sommadossi said the company anticipates that upcoming C-FORWARD topline results should further validate the potential of BEM/RZR, if approved, as a new pan-genotypic treatment option.

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